, the government now acknowledges that they serve a valuable function. Query whether Main St. banks are the best entities to serve that function and whether regulation can protect borrowers while allowing payday lending to function (or whether regulation kills payday lending to the detriment of borrowers).

FDIC Chair McWilliams' statement that banks have an obligation to use technology to reach underbanked consumers follows on a statement by that banks using artificial intelligence to make credit decisions must assure themselves that the use of AI does not have a discriminatory impact on disadvantaged groups. Banks should be aware that making decisions completely on the basis of the numbers may subject them to public criticism or reputational risk.

CFTC Chair Giancarlo and SEC Commissioner Peirce are the two most important voices in financial regulation today. Each serves as a spokesperson for individual liberty. Each makes the connection between financial regulation and individual liberty.

Each of them is a "liberal" in the old-fashioned sense of the word, of prioritizing personal choice and of recognizing that governments should be limited in the power that they are granted to make decisions on behalf of…

Federal Reserve Board Governor Lael Brainard is sending a very explicit warning to lenders that make algorithm-based credit decisions that they must review the credit approvals and rejections produced by these systems to determine whether there is any negative impact on a disadvantaged group.